Luxury Daily, January 18, 2018 – Only 40pc of luxury goods are purchased by “true luxury” consumers: BCG

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January 18, 2018

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Retail

Only 40pc of luxury goods are purchased by “true luxury” consumers: BCG

NEW YORK – Many of the problems that caused luxury growth to stagnate over the last few years are challenges largely created by the business itself instead of outside forces, according to research from Boston Consulting Group.

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Marketing

When consumers buy a brand, they join a club, says Vice exec

NEW YORK – Luxury brands should expand beyond experiential marketing for goods to focus on curating branded experiences, says the president of Vice's Fashion and Luxury Group.

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Marketing

Luxury brands must guard themselves against emerging threats

NEW YORK – Consumers have more options than ever before, necessitating that luxury brands defend themselves against encroachment from new competition.

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Media/publishing

Ultra-high-net-worth individuals are both consumer and influencer FREE

NEW YORK – While brands have placed a high priority on influencer marketing, the strategy's efficacy becomes diminished with higher net-worth consumers.

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Marketing

Luxury brands must anticipate consumers’ dreams, not just needs

NEW YORK – In the world of luxury concierge services, brands have had to anticipate not just a customer’s need, but their vision for an entire luxury lifestyle.

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Marketing

Luxury marketers need to question their motives differently: Team One

NEW YORK – So many important brand interactions happen daily and remain the secret to reaching the general audience, but through the use of digital, marketers can give these special experiences a platform.

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Retail

Omnichannel can help deliver luxury experience

NEW YORK – Time itself is a luxury, and retailers should focus on eliminating hurdles in the purchase path.

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Marketing

It is the end of advertising as we know it: Forrester

NEW YORK — As emotional decision-making continues to uproot the retail industry, conversational commerce will become a major tool in retailers' arsenal this year.

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Marketing

Luxury Daily releases new 40-page State of Luxury 2018 report polling industry insiders FREE

The rise of the digital economy simultaneously poses the biggest challenge and growth opportunity to the luxury business, according to the newly released “State of Luxury 2018: The Insider View” report from Luxury Daily and Unity Marketing that surveyed 599 decision-making luxury industry insiders. More details in article on how to buy or get the report free with a new annual subscription.

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Strategy

Subscribe now: $12 for 12 weeks FREE

Never miss a luxury moment. Access the latest luxury business news and analysis, marketing and retail campaigns, features, special reports and live coverage during business hours. Check the $12 for 12 weeks offer for 22 percent off the annual subscription price.

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News briefs

Gucci, Burberry, Louis Vuitton, Loewe and Tiffany & Co. – Live News

Luxury Daily's live news from Jan. 17 - Gucci takes lead in luxury brand earned media in November; Burberry retail revenue declines 2pc in Q3 2017; Kim Jones ends 7-year tenure at Louis Vuitton; Loewe fall/winter 2018 effort urges passersby to read all about it; Tiffany’s holiday season sales boosted by the Americas, Asia-Pacific.

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News briefs

Chanel, Ritz-Carlton Riyadh, SIHH 2018 and Mercedes – News briefs

Today in luxury - Chanel opens first fragrance and beauty store in Milan; Saudi hotel to reopen after being used as prison in corruption purge; SIHH 2018: How luxury watch brands are seducing millennials; Mercedes plots more SUVs after compact models expand luxury lead.

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Columns

Rethink experiential marketing

Enough is enough. Is it not time to rethink why we think it is so critical?

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